EUR/PLN 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Euro-Polish Zloty cross has been following a downtrend during the last two months, after peaking at 4.37 on June 21. At the moment of writing the pair stood at 4.19– almost in the middle of a trading range. The market sentiment is undecided, while aggregate technical indicators are not univocal as well. Hence, technical on the 4H chart are pointing at the continuation of the downtrend, suggesting the pair will move closer to the support line. Taking into account unclear signals from tools of technical analysis, the pair is likely to move in pattern's boundaries until it receives a clear "buy" or "sell" signal.
© Dukascopy Bank SA
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